कारोबार

Petroleum Minister Ali Pervaiz Malik has said the government is unlikely to reduce the petroleum levy unless it can identify another source of revenue to compensate for the financial shortfall, warning that such a move would be difficult to secure without the approval of the International Monetary Fund (IMF). Speaking during a meeting of the Senate Standing Committee on Petroleum, the minister explained that any reduction in the levy would affect government revenues and would require a credible alternative before it could be considered. He said the IMF was unlikely to support the proposal unless Pakistan presented a replacement revenue stream. The committee also discussed the country’s fuel pricing mechanism, with several lawmakers expressing concerns over the introduction of daily price adjustments. Members argued that frequent revisions create uncertainty for consumers and make it difficult for the public to understand fuel costs. Responding to the criticism, Malik defended the system, saying the government had removed political influence from fuel pricing by giving the Oil and Gas Regulatory Authority (OGRA) the authority to determine prices through an independent and transparent process. He said the mechanism was designed to reflect international market trends more accurately. The OGRA chairman informed the committee that local petrol and diesel prices are linked to fuel product prices in the Singapore market rather than international crude oil prices. He said the daily pricing system allows authorities to respond quickly to changes in global markets and helps reduce the impact of sudden price fluctuations. However, some lawmakers remained unconvinced. They argued that the pricing formula is too complicated for ordinary consumers and warned that frequent changes place additional financial pressure on households already struggling with rising living costs. The committee also raised concerns over the lack of performance audits of oil drilling rigs operating in the country. Members directed the relevant authorities to complete and submit an audit report within seven days to assess operational standards and efficiency. During the meeting, lawmakers questioned the continued delay in appointing a permanent chairman of OGRA. The petroleum minister replied that the recruitment process had been restarted after the earlier selection exercise failed to identify a suitable candidate.

The Pakistan Stock Exchange (PSX) staged a strong recovery during the first half of trading on Friday, with the benchmark KSE-100 Index climbing nearly 1,380 points before trading was temporarily suspended for the weekly Friday prayer break. The market opened on a positive note, extending gains throughout the morning session as investors returned to selective buying following recent losses driven by regional geopolitical tensions. By midday, the KSE-100 Index had risen 1,378 points, or 0.79%, to reach 176,926. During intraday trading, the benchmark touched a high of 177,108.66 before easing slightly. The index also found support around 176,405.33, indicating sustained buying interest across key sectors. Trading activity remained steady, with more than 101.8 million shares changing hands during the morning session. The total value of traded shares reached approximately Rs6.96 billion, reflecting healthy market participation despite the shortened trading period. Trading was suspended at midday in line with the Pakistan Stock Exchange’s routine Friday prayer break and was scheduled to resume later in the afternoon. The market’s rebound followed a volatile trading week shaped by uncertainty in the Middle East and fluctuations in global oil prices. Investors appeared to set aside concerns over rising regional tensions and instead focused on attractive valuations in selected stocks. On Thursday, the benchmark index had closed at 175,547.98 after selling pressure weighed on investor sentiment. Friday’s recovery helped the market regain a significant portion of those losses. Broader market performance also remained positive, with the All-Share Index and several sectoral indices posting gains during the morning session. Market participants are expected to closely monitor both domestic economic developments and geopolitical events in the Middle East as trading resumes, with investors assessing their potential impact on market sentiment in the coming sessions.

The Oil and Gas Regulatory Authority (Ogra) has increased the price of liquefied petroleum gas (LPG) for August, raising the cost for both domestic and commercial consumers across Pakistan. According to an official notification issued by Ogra, the price of LPG has been increased by Rs12.89 per kilogram, taking the new official rate to Rs254.32 per kg for the month of August. The regulator also revised the price of the standard 11.8-kilogram domestic LPG cylinder, which will now cost Rs3,000.92 following the latest increase. The revised prices will come into effect for the entire month of August under Ogra’s monthly pricing mechanism. The increase is expected to place an additional financial burden on households that rely on LPG for cooking and heating, particularly in areas without access to natural gas. Commercial users, including restaurants, hotels and small businesses that depend on LPG, are also likely to face higher operating costs. Ogra reviews LPG prices every month based on prevailing market conditions and other relevant pricing factors before issuing revised rates through official notifications. Consumers are expected to pay the updated prices from the beginning of August unless further revisions are announced by the regulator.

Prime Minister Shehbaz Sharif on Friday directed the Oil and Gas Regulatory Authority (Ogra) to implement a modern digital monitoring system across Pakistan’s oil and gas sector to improve transparency, eliminate hoarding and curb profiteering. The directive was issued during a high-level meeting chaired by the prime minister to review Ogra’s institutional reforms and measures aimed at strengthening the regulator’s performance. The prime minister said the government was committed to protecting public money and would not allow anyone to exploit consumers or manipulate the country’s energy system for personal gain. He instructed authorities to accelerate Ogra’s reform process and ensure that the government’s institutional reform agenda was implemented effectively across the organisation. Shehbaz Sharif also directed officials to develop a comprehensive digital tracking mechanism for fuel movement, using the Federal Board of Revenue’s modern tracking system as a model. He said the system should closely monitor the transportation of petroleum products from ports and refineries to fuel stations across the country. The prime minister stressed that digital oversight of the entire fuel supply chain would help improve transparency, reduce irregularities and strengthen regulatory enforcement. To improve Ogra’s institutional capacity, he called for the induction of qualified professionals from the private sector with strong reputations and relevant expertise. He also ordered the restructuring of the authority, saying appointments to all positions should be made through a transparent and merit-based process. Shehbaz Sharif assured officials that the federal government would provide all necessary professional and technical support to ensure the successful implementation of Ogra’s reform and restructuring programme. During the meeting, the Ogra chairman briefed participants on the regulator’s current performance, key challenges and the progress of its reform agenda. The meeting was attended by Deputy Prime Minister Ishaq Dar, Law Minister Azam Nazeer Tarar, Petroleum Minister Musadik Malik, Planning Minister Ahsan Iqbal’s representative Ahad Cheema, Information Minister Attaullah Tarar, IT Minister Shaza Fatima Khawaja, Minister Ali Pervaiz Malik, Special Assistant to the Prime Minister Tariq Bajwa and other senior government officials.

KARACHI: The Pakistan Stock Exchange (PSX) wrapped up the trading week on a bullish note, with investors driving the benchmark KSE-100 Index sharply higher amid sustained buying interest and renewed market optimism. According to the PSX’s weekly market update, the KSE-100 Index gained 5,072 points during the week, closing at 176,094 points. The strong performance reflected growing investor confidence as the market continued its upward momentum. Throughout the week, the benchmark index traded within a 4,510-point range, touching a weekly high of 179,123 points while falling to a low of 174,612 points. Analysts said the wide trading range highlighted active investor participation and healthy market activity. The rally capped off a positive week in which the stock market maintained strong momentum. On the final trading day of July, the KSE-100 Index had already climbed 546 points, setting the stage for an impressive weekly finish. Trading activity also remained robust. During the five trading sessions, investors exchanged approximately 4.15 billion shares, with the total value of transactions reaching Rs158 billion, indicating strong liquidity and continued interest from market participants. Meanwhile, the market’s overall capitalization increased by Rs477 billion over the week, reaching Rs19.755 trillion. The significant rise in market value underscores improving sentiment among investors despite ongoing economic challenges. Market experts say the latest gains reflect confidence in Pakistan’s financial markets, supported by sustained institutional buying and expectations of improving macroeconomic conditions. However, they caution that investors will continue to monitor economic indicators, corporate earnings and policy developments that could influence market direction in the coming weeks. The latest weekly performance reinforces the Pakistan Stock Exchange’s position as one of the region’s best-performing markets this year, with investors hoping the bullish trend will continue if economic stability and positive business sentiment remain intact.

Gold prices witnessed a sharp decline across Pakistan on Saturday, providing some relief to buyers after recent fluctuations in the bullion market. The decrease came in line with a fall in international gold prices, according to the All Pakistan Gems and Jewellers Association. The association said the price of 24-karat gold per tola dropped by Rs3,700, bringing the new rate to Rs426,736. Similarly, the price of 10 grams of 24-karat gold fell by Rs3,202, with the new price fixed at Rs365,857. Jewellers said the domestic gold market remained under pressure due to changes in global bullion prices. They explained that local gold rates are determined by international market trends along with fluctuations in the value of the Pakistani rupee against the US dollar. In the international bullion market, the price of gold also registered a noticeable decline. The price per ounce dropped by $37, settling at $4,043. Market analysts said international gold prices continue to fluctuate because of changes in investor sentiment, global economic conditions, inflation expectations and movements in the US dollar. These factors directly influence gold prices in Pakistan.